News
Hiscox profit soars to £217m
Hiscox has reported a pre-tax profit of £217.1m for the full-year 2012, dwarfing the 2011 result of £17.3m, and improving its group combined ratio by 14 percentage points to 85.5%. Gross written premium increased to £1.57bn (2011: £1.45bn).
Fonseca reveals three-step plan to becoming a broking powerhouse
Treating clients as partners, investing in the future and joining forces with peers from around the world are key to independent brokers becoming powerhouses of the global insurance industry.
Bluefin hires ex-Jelf pair for regional roles
Bluefin Insurance has announced a pair of regional appointments, Jim Pitchforth has been named development director in Birmingham, while Wendy Bushby has been hired as a commercial broker in Ludlow.
Ascot swings back to profit for 2012
AIG-backed Lloyd’s syndicate Ascot Underwriting has announced pre-tax profits of £93.3m.
Liberty Mutual subsidiaries to join RSA at the Walkie-Talkie
Liberty Syndicates and Liberty Mutual Insurance Europe have become the latest insurance operations to agree to let office space inside a soon-to-be completed London landmark known as the ‘Walkie-Talkie’.
Q-Re names CEO
Gunther Saacke has been appointed chief executive officer of Q-Re, a subsidiary of Qatar Insurance Company headquartered in Doha, Qutar.
Vijayan appointed chairman of Indian regulator
The Indian government has appointed T S Vijayan, former head of the Life Insurance Corporation, as chairman of the Insurance Regulatory and Development Authority.
Cost of class action settlements in Australia doubles in five years
A rise in shareholder class actions are increasing premiums for directors' and officers' insurance in Australia, according to law firm King & Wood Mallesons.
Autorickshaw unions in India complain about insurance hike
The Insurance Regulatory and Development Authority in India wants to increase third party premiums for autorickshaw drivers annoying autorickshaw unions.
Bought by Many to unveil flood insurance solution
Insurance intermediary Bought by Many told Post it will be launching a solution for home insurance in flood risk areas in the next few weeks.
Woman who forged doctor's signature for travel insurance sentenced
A woman who repeatedly forged her doctor’s signature to make multiple insurance claims has been handed a suspended jail term.
Aggregator influence grows as disposable income shrinks
The importance of aggregators as a distribution channel for European insurers is increasing as strapped consumers search for better deals, according to research by CP Consulting.
AIG income falls to $3.4bn in 2012
AIG's net income fell to $3.4bn (£2.23bn), or $2.04 per diluted share, in 2012 compared with $20.6bn, or $11.01 per diluted share, the year earlier.
Industry urged to tackle root cause of fraud
The insurance industry needs to work harder at protecting consumers by addressing the root cause of fraud, according to Globaloptions international boss Bobby Gracey.
RSA eyes wind farm opportunities after government gives greenlight
RSA has welcomed the government’s decision to approve the expansion of the Kentish Flats wind farm off the Kent coast.
One Answer Network snaps up Broker Drive
One Answer Network has acquired Broker Drive, in a deal which will see the network increase its membership base to well over 200.
Late notice means Marsh may miss Efra committee flood meeting
Marsh has confirmed it may have to pull out of a government select committee meeting on flood defence funding, leaving the Association of British Insurers and Aon Benfield as the insurance industry’s only representatives.
Sandy hit AIG reports $4bn Q4 loss
American International Group reported a net loss of $3.4bn for the full year 2012, following a net loss of $4bn for the fourth quarter.
Axa picks up Ecclesiastical’s mobile catering scheme
Slade Edwards Insurance Brokers has transferred its mobile catering insurance scheme to Axa commercial lines and personal intermediary.
Tempo pairs with W R Berkley on Commercial D&O
Tempo Underwriting has initiated plans to underwrite commercial directors’ and officers’ liability cover through a binding authority deal with W R Berkley.
Kanis to take the reigns of Helvetia's reinsurance division
Former XL property underwriter Gérald Kanis will take over the management of the reinsurance division at Switzerland's Helvetia Insurance from 1 March 2013.
Social media cover launched by Arc Legal amid growing online defamation concerns
Arc Legal has become the latest firm to respond to the challenges posed by online defamation via social networking sites such as Twitter, by launching a social media defamation cover.
Aggregator quotes peak at 163m in January
Open GI has recorded its highest monthly volume of aggregator quotes, amounting to over 163m in January 2013, with motor quotations amounting to 90% of the this figure.
Singapore's finance and insurance sector sees growth in Q4 2012
In the fourth quarter of 2012, year on year GDP growth in Singapore's finance and insurance sector was 3.3%, but growth deteriorated from the third quarter of 2012.